Loans.org Research Compares Career Paths to Student Debt Repayment

Share Article

The latest loans.org research report determines how long it will take student loan borrowers to repay the average amount of loan debt based on different careers’ expected monthly salary.

Rancho Cucamonga, CA (PRWEB)May 29, 2013

For the last several months, the media has been throwing around $26,600 as the average student loan debt of each college graduate. But according to the Project on Student Debt, that number is set to jump up to $35,200 this year.

The big question for graduates, then, is how soon will they be able to pay off their debt based on how much they make a month?

The Bureau of Labor Statistics found that, after paying for housing, transportation, food, insurance, pensions, healthcare and entertainment, the average consumer has 13.7 percent of their income available to pay towards debt.

loans.org researched the average paycheck of eight different career fields and used that 13.7 percent threshold as a baseline for discovering how long these eight career paths would take to repay the average individual’s student loan amount.

Communications majors, for example, make an average of $43,717 a year, or $3,643.08 a month. With 13.7 percent of their income devoted to student loan debt, communications majors can afford to pay $499.10 a month, paying off a $35,200 in just under eight years.

loans.org is a leading lending authority website that covers financial news, produces informative articles, and answers frequently asked questions. In addition to providing lending-related information, loans.org also hosts a variety of free online application forms for prospective borrowers to use when applying for loans.